There has been a realisation in recent years that financial planning for later life is a specialist area that is more complex due in part to the increased financial vulnerability of older people.
Regulation was tightened in 2004 with the launch of the CF8 examination but Stephen Lowe, group external affairs and customer insight director at Just Retirement, says many of those active in the area feel that, at best, CF8 is a good starting point.
CF8 is the Chartered Insurance Institute qualification which allows intermediaries to provide advice on care products (the IFS equivalent is CeLTCI).
While it provides good background and covers key technical details, Mr Lowe says it does not cover the ‘soft skills’ needed to deal with often frail clients and their families at what may be a difficult time.
Mr Lowe says the care market itself is seeking to push up standards through the Later Life Adviser Accreditation (LLAA), which is becoming a benchmark for specialist care advisers.
The Society of Later Life Advisers (SOLLA) provides the Later Life Adviser Accreditation (LLAA) to those who show best practice in this arena.
Janet Davies, managing director of Symponia, says at the moment qualification requirements only really refer to dedicated products such as the immediate care plan (ICP), but in reality only advisers with the qualification should attempt to handle the finances of anyone requiring care.
She says: “The Late Life Adviser Accreditation isn’t mandatory but it should be considered by every adviser wanting to work with older clients.
“Being part of a supportive environment will also help advisers working in this field.”
